Security Bytes

May 28 2008   2:06PM GMT

Identity fraud trends: good and bad

Marcia Savage Marcia Savage Profile: Marcia Savage

A recent report released by Javelin Strategy and Research offered both good and bad news on the identity fraud front. The firm forecasts that identity fraud will continue to decline, with the total annual amount dropping from $45 billion in 2007 to $34 billion in 2013, and the number of victims declining from 8.1 million to 6 million. At the same time, however, the mean consumer cost will rise, with out-of-pocket expenses by victims increasing from $860 to $1,271. This trend, according to Javelin, will be driven by growing sophistication in criminal fraud techniques that use elaborate social engineering schemes and multiple channels to evade detection for longer periods of time.

Also, as consumers conduct more of their financial transactions on mobile handsets, criminals will zero in on wireless accounts, the firm said. It projects fraudulent new wireless phone accounts to increase, with the number of victims rising from less than a million last year to nearly 2 million in 2013.

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